Policies & Issues

Tiffany & Co. Gets Approval for Net-Zero Emissions Target

Policies & IssuesJun 29, 2023

Tiffany & Co. Gets Approval for Net-Zero Emissions Target

The Science Based Targets initiative confirmed the jeweler’s goal is in line with the latest climate science.

Interior of Tiffany & Co. The Landmark flagship
A look inside Tiffany & Co.’s renovated New York City flagship, also known as “The Landmark.” The jeweler recently received approval from the Science Based Targets initiative on its net-zero emissions target.
New York—Tiffany & Co. has received approval from the Science Based Targets initiative (SBTi) on its net-zero emissions target.

The SBTi guides the private sector on the best practices for setting emission reduction targets that are in line with the latest climate science.

The group is a partnership between CDP, the United Nations Global Compact, the World Resources Institute, and the World Wide Fund for Nature.

“This validation confirms that the targets Tiffany & Co. has set to reach net-zero emissions by 2040 are based on the latest climate science and meet the urgent need to keep warming to 1.5°C in line with the Paris Agreement,” said Tiffany.

The jeweler also received approval from SBTi on its 2030 near-term greenhouse gas reduction target.

By 2030, Tiffany pledged to reduce Scope 1 and 2 emissions, which are related to its own operations, by 70 percent compared with a 2019 baseline.

It plans to reduce Scope 3 emissions, which are related to its supply chain, by 40 percent by 2030 compared with the 2019 baseline.

Tiffany said it’s on track to meet both targets, having already reached 33 percent reductions in all three scopes last year.

The near-term target will mark a “significant milestone” toward its net-zero target, which includes a 90 percent reduction in emissions in all scopes by 2040.

“The remaining 10 percent of emissions is planned to be neutralized by high-quality carbon removals through Tiffany & Co.’s expanded investments in nature-based solutions,” said the company.

 Related stories will be right here … 

To reach its goals, it will require “the engagement and decarbonization of [the] entire value chain.”

Last year, the jeweler worked internally across departments to map out how to reach its goal, delving into the sourcing of raw materials, the distribution and transportation of its products, and the partnerships with its suppliers and manufacturers.

The company said it’s in the process of rolling out a supplier engagement program so it can work with key suppliers on decarbonization. There are plans to launch pilot engagements by the end of the year.

The jeweler also looked at the construction and operation of its retail stores, including the new Landmark flagship in New York City.

For the revamped flagship, the company made “significant investment” in sustainability by incorporating environmental, health and well-being initiatives into the store’s redesign plans. The store is on track to achieve LEED Gold certification and WELL Platinum certification, which is a measure of how a space promotes health and well-being.

Within its portfolio, more than 35 retail stores, offices, and manufacturing sites have been LEED-certified.

Starting in 2006, Tiffany & Co. has installed on-site solar at five locations, including in the Dominican Republic, Cambodia, and Rhode Island, as well as in two office and distribution facilities in New Jersey. 

This year, the solar power plans will expand to its diamond polishing facility in Botswana and its jewelry manufacturing site in Lexington, Kentucky. 

Currently, 91 percent of its global electricity stems from clean, renewable sources, said the company, including on-site solar and renewable electricity credits in more than 25 countries of operation. 

The Latest

Joyce’s Jewelry
TechnologyApr 15, 2024
Judge Rules Jeweler’s Lawsuit Against PNC Bank Can Move Forward

Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.

Alfred W. DeScenza
IndependentsApr 15, 2024
Alfred W. DeScenza of DeScenza Diamonds Dies at 95

He is remembered by loved ones for his loyalty, integrity, and kindness.

Madeleine K. Albright
AuctionsApr 15, 2024
Madeleine K. Albright Jewelry, Pins Coming to Auction

Hosted by Freeman’s | Hindman, the sale will take place May 7-8.

1-(3.18).JPG
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry Retail

With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.

Audemars Piguet circa 1985 emerald car watch
AuctionsApr 15, 2024
All of Sotheby’s ‘Rough Diamonds’ Sold in Less Than an Hour

The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.

Weekly QuizApr 11, 2024
This Week’s Quiz
Test your jewelry news knowledge with this seven-question quiz.
Take the Quiz
AGS Conclave 2024 logo Austin
Events & AwardsApr 15, 2024
10 Can’t-Miss Sessions at AGS Conclave 2024

From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.

My Next Question webinar
Recorded WebinarsApr 12, 2024
Watch: What Jewelers Need to Know About Insurance

From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.

Jewelers of America Fly In Washington, D.C.
Brought to you by
How Jewelers of America Represents Your Business

For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.

Evil Eye Charm with Turquoise Disc
CollectionsApr 12, 2024
Piece of the Week: Lionheart’s Evil Eye Gemstone Charm

The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.

The Jewelry Symposium scholarship winners 2024
Events & AwardsApr 12, 2024
The Jewelry Symposium Announces 4 Scholarship Winners

Ahead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.

AGTA logo
Lab-GrownApr 11, 2024
AGTA Bans Lab-Grown Diamonds, Gemstones at GemFair

Members can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.

Steven Rosdal
IndependentsApr 11, 2024
Steven Rosdal, Co-Founder of Hyde Park Jewelers, Dies at 77

He is remembered for his charisma, passion, integrity, kindness, and wit.

Macy’s Herald Square store
MajorsApr 11, 2024
Macy’s Opens Books for Possible Buyout

The retailer also appointed two new board members, avoiding a proxy fight from a potential buyer.

Sylvie Jewelry model
CollectionsApr 10, 2024
Sylvie Launches New Nature-Inspired Collection, ‘Tulira’

The bridal collection consists of 35 engagement rings and seven wedding bands.

Rolex Oyster Perpetual Deepsea in 18-karat yellow gold
WatchesApr 10, 2024
These Are Rolex’s New Watches for 2024

The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.

Levy’s Fine Jewelry diamond education
IndependentsApr 10, 2024
Levy's Fine Jewelry Explores Diamond History

The family-owned jeweler has a new education section on its website dedicated to the history of diamond cutting.

With Clarity NFL wedding bands
CollectionsApr 10, 2024
With Clarity Partners With NFL on Wedding Bands

The limited-edition men’s rings can be customized with one of 12 team logos.

Asian Star’s diamond manufacturing facility in India
SourcingApr 10, 2024
Compliance, Caution, and Concern: The Current Outlook of Indian Diamantaires

There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.

Chrono24 watch inspection lab
WatchesApr 09, 2024
Chrono24 Debuts Pre-Owned Watch Authentication Program

The program, now live in Europe, will roll out to the U.S. this summer.

6.21-carat fancy vivid pink diamond
AuctionsApr 09, 2024
Phillips to Offer 6.21-Carat Vivid Pink Diamond

Colored gemstones and signed jewels are the focus of its upcoming Geneva sale.

Lucapa rough colorless and pink diamonds
SourcingApr 09, 2024
Former De Beers Exec Appointed to Lucapa Board

Stuart Brown, who was De Beers’ CFO and interim CEO, is now Lucapa’s independent non-executive chairman.

Jewelers for Children POS System Donations
MajorsApr 09, 2024
Jewel360 Announces New POS Integration, JFC Partnership

The point-of-sale software can now prompt customers to round up their credit card purchases as a donation to Jewelers for Children.

Bharat Ratnam, a Mega Common Facilitation Centre (CFC)
SourcingApr 09, 2024
Reinvigorating SEEPZ, the Epicenter of India’s Studded Jewelry Exports

The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.

Charles & Colvard moissanite bypass engagement ring
SourcingApr 08, 2024
Charles & Colvard Debuts B2B Portal for Moissanite

Select independent jewelers and retailers can now purchase moissanite through Charles & Colvard Direct.

Amber Rank
Events & AwardsApr 08, 2024
AGS Announces First Recipient of ‘Women in Leadership’ Scholarship

Amber Rank of Exclusively Diamonds will receive mentorship, registration to AGS’s 2024 Conclave, and $500.

Jaeger-LeCoultre citrine pinky-ring watch
AuctionsApr 08, 2024
Sotheby’s ‘Rough Diamonds’ Sale Is All About … Watches

The auction will take place Thursday and is underground, literally.

JOGS logo
Events & AwardsApr 08, 2024
JOGS Show Returns to Las Vegas for a Second Year

The trade show is moving downtown to the Expo at World Market Center.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy